Visa V Pay

Published on 18 July 2012 by Raffick Marday

V Pay with Visa

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V Pay is the European Visa debit card for the 21st century

V PAY is Visa Europe’s bespoke chip and PIN solution designed to meet the needs of the pan-European marketplace. Visa Europe launched V PAY because it is time to lead the debit card industry into the 21st century. The European payments industry has invested heavily into a modern EMV chip infrastructure. V PAY is the only product that can fully leverage it.

It enables European banks and inter-bank organisations to migrate, in their own way and at their own pace, to a more open and consistent debit card offering.

More fundamentally, it enables banks to take a big step forward with their payments business. V PAY Visa cards are chip and PIN only product, with no legacy requirement to support manual imprinting, cardholders signature and magnetic stripe reading. This creates a platform that is cheaper for banks to operate, more efficient for merchants to accept Visa and safer for Visa cardholders to use. Visa V PAY also provides a way for banks and merchants to migrate more payments – particularly those of lower value – from cash to cards. This will bring greater convenience and security to consumers using Visa and it will ensure big efficiency gains and cost reductions to banks and merchants alike.

Visa V PAY represents a significant step forward in the evolution of debit, offering a common point of convergence that will help the diverse European national debit schemes to migrate to a single, EMV chip and PIN platform.

Key features and benefits Visa

V PAY is the first product that exists to support a truly European debit solution with governance and control residing locally with Visa Europe’s member banks.V PAY enables an ‘internal’ market for payments in line with the European Commission’s vision for a single Euro payment area.V PAY can be issued as a stand-alone debit product or co-badged with a national payment scheme, allowing continuity of acceptance and cardholder experience in the national market as well as outside their country of residence.
V PAY is chip and PIN only. This offers a high level of security for cardholders across Europe and allows European banks to leverage their investment in EMV infrastructure as it will cut operating costs and can be issued on existing EMV products and accepted at existing EMV devices right across Europe.

Card numbering – V PAY is compatible with local market account numbering structures, minimising development and integration costs for issuing banks and merchants. For example it will support a 16 to19 digit account number and can be issued using banks’ own ISO-assigned issuer identification numbers (IINs).

V PAY has its own unique European debit acceptance mark and network – this allows consistency of recognition in any country.

V PAY is capable of being accepted at the 2 million EMV compliant Visa merchants across Europe. As this EMV merchant base grows, so will the V PAY merchant base. V PAY issuers have the option to include the PLUS programme on the cards to provide global ATM access.

Visa V Pay Cards Benefits to consumers

  • Access to the money in their bank accounts – at point-of-sale and in ATMs – as simply and safely abroad as at home
  • Can initially carry the familiar local debit brand
  • Will have a unique acceptance mark, so it is easy to see where the card can be used
  • Standardised acceptance procedures, so cardholders do not have to worry about learning an unfamiliar process when they are away from home
  • New acceptance points in low value payments arena: transportation, vending machines, parking etc.


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